Crypto Market News: The United States core personal consumption expenditures (PCE), which measures price rise across a range of consumer spending, was released on Friday by the Bureau of Economic Analysis. From the preceding month, the PCE price index for April 2023 increased 0.4 percent while the PCE price index excluding food and energy increased 4.7 percent from one year ago. Although the core PCE Index generally has an impact on the high risk assets like Bitcoin, the crypto market did not react much to the April inflation figures. Meanwhile, the market participants are looking forward to the likelihood of a debt ceiling deal later today.
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More than expected rise in inflation in April could mean the US Federal Reserve having one more reason to its policy of monetary tightening, amid concerns of liquidity crunch in regional banks. The Core PCE inflation data is one of the significant metrics considered by the US central bank while taking the decision on raising interest rates. The next Fed meeting convened by the Federal Open Market Committee (FOMC) is scheduled for June 13-14, 2023.
US PCE Inflation More Than Expected
According to the Bureau of Economic Analysis report, the core PCE price index increased 4.7 percent year over year, against the market expectation of 4.6%. The Bitcoin price hardly showed any deflection at the current range of $26,500. Whereas the US stock futures rose slightly in reaction to the PCE numbers.
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